There are a number of reasons why many people look to construct granny flats on their property. Most people, as per tradition, do build these flats so that they will be able to move an elderly family member into the home, where they will be able to maintain their independence. This is something that allows the elderly member of the family to receive the support they need, without having to be fully dependent. Another common reason why many look to build granny flats is to rent them out. As you can imagine, these require a sizable investment, but is that money worthwhile?
It is important to look at a granny flat as an investment rather than a cost, and that is because they can bring a lot of money back into the home. For those who are bringing in elderly relatives to live on the property, they can find great savings on the cost of care for that member of the family. Nursing home costs are incredibly high, and the family can put that off for a long time if they are instead able to have them living on the property.
Another reason why granny flats can be a good investment is that they are a real money spinner. This applies of course to those who build for this purpose only, but we have also seen many cases of people who have lost loved ones and then used the space as a rental property afterwards.
Granny flats are not just great for the owner of the property, but also for someone who is renting. Custom granny flats are a great option for renting, as they enable many people to move into locations which they may not have been able to previously afford. This has certainly been the case in many cities in Australia in recent years as real estate prices have risen.
A recent study from real estate company On The House found that not only do granny flats retain a great amount of their value, they also an attractive feature which many house hunters have said that they like. Naturally this is not to say that you will be selling your property any time soon, but it is great to know that such a sizeable spend will be able to hold a great portion of its value. Whenever you are carrying out large scale changes on the property you should ensure that some of that money will be coming back once you sell the place.
There is absolutely no doubt about the fact that granny flats are a sound investment. Regardless of your reasons for wishing to build the flat, you can be confident that it will give you cost savings and the potential for making money from it. When it comes to looking for designs for Granny flats Victoria has some of the best examples and would certainly be a great place to come and do your research.